Northern Rock has been in Newcastle for 150 years and is part of the fabric of the north-east. The announcement that it is to be sold to the highest bidder is met with sadness in this city (Report, 16 June). Yes, it's regrettable that the bank's business model led to its near collapse, but that is essentially why we are calling for it to have a different future. It should not be "business as usual" for banks.

Before it floated in 1997 the mutual model had served it well – and can do so again. Mutualisation will ensure the interests of customers and employees receive greater priority, but it also brings benefits to the wider economy. Building societies provided an island of stability during the global financial crisis and should remain an important stabilising element within the banking system.

This government has often spoken positively about mutualism as a model of corporate governance, and of the contribution business can make to local economic development. It is time to match that rhetoric with action. Whatever the outcome, we are committed to Northern Rock continuing to call Newcastle home.